Morgan

@billybobjovialdechicoutimi It really seems like you (or someone) needs to go activist or sue them for answers. I hope you can get some results. This kind of management behavior really drives me nuts.

@billybobjovialdechicoutimi Fight the good fight man. Those guys are total tools. Hopefully you prevail!

Fuzzy or hard to interpret financials and poor communication from management - seems like something to avoid. There are so many publicly traded real estate stocks. What do you like about this one? That of course doesn’t mean you shouldn’t ask questions. Thank you for sharing.

I’m not a REIT expert. Occasionally things go up in value despite higher rates, but it is rare. I didn’t check your math, but it might be worth checking if management has incentive plans and what the targets are. It’s possible to boost the values a little bit here, a little there and a little over yonder and pretty soon the portfolio is worth a lot and maybe Wall Street will agree, the stock goes up and top management gets their payout. After all, who is to say a building is worth exactly “x” vs “x” plus or minus 10%? Especially over a 6-24 month period. There is also incentive misalignment with the appraisers. If they want to get hired for the next job, it is in their best interest to get close to management’s expectations lest they shop for a different appraiser. The same thing happened at the rating agencies during the GFC.

There are a fair number of people in the world with at least $100m cash (this doesn’t even include entrepreneurs raising money). This is what was spent to build the first successful rocket. None of them have come remotely close to the accomplishments of SpaceX let alone any of Elon’s other companies. Bezos is the best competitor, having spent $1b+ (10x more) and has achieved very little. The common claim that Elon is an idiot and it’s the engineering teams that do everything; obviously he has huge and incredible teams, but Elon (and his teams) are able to produce the best results by far compared to every other single organization on the planet.

This is so amazing it’s shocking it actually happened! This is a the dawn of a new age for mankind!

I pre-ordered it and am looking forward to it!

@Saluki thank you for continuing to post here. Lots of interesting stuff to review. Thank you!

When there’s a big spread on books, I just buy the cheapest one unless it’s for a gift. Sometimes I check out Wikipedia to see if there is more info on each edition.

Being up 593% is great until one bad year wipes all the previous years gains, which is what happens with most high risk funds eventually. It is a little crazy he says he's willing to invest in ponzi schemes. Surely he doesn't but this is just for marketing purposes?

Doesn’t he have any morals? How can he sleep knowing he’s taking such big risks with other people’s money? It is very reckless. It’s more unethical because he tries to hide his blowups.

I'm super excited for water on Mars! Hopefully SpaceX will achieve its Mars goals and gets crews there and start exploring and building!

IIRC, Mongolia Growth Group raised $200m to invest in Mongolian real estate with the idea that values would increase similarly to values in Hong Kong. This is such a fundamentally bad thesis. Hong Kong is very land constrained while Mongolia is just open space forever. Furthermore, the real estate portfolio, with no debt, still was losing money. This is totally crazy. Their expenses were out of control. Then he created an insurance company inside of Mongolian Growth Group which never made any money. The only reason the stock has gone up that I’m aware of is because securities inside company increased in value (I will give him some credit on that), not from anything related to operations of the company.

Welcome back muscleman.

@Spekulatius and @rkbabang - the internet remains undefeated lol